Rudd & Company PLLC - Bozeman Office

Piggy banks are a great savings vehicle for younger children, but when they hit elementary school, consider opening a kid's account at a bank. It's a great way to start instilling the importance of gradually building up their balance as well as an introduction to the banking industry. Call us at (406) 585-3393.

Life is rarely as linear as we expect it to be - sometimes it can take us a while to feel financially secure enough to begin saving for retirement. Whatever your circumstances are, it isn’t too late to start! Focus on what you can contribute to your retirement accounts as anything you can add now has the potential to grow over time. Remember to also consider when and where you want to retire, as this can also affect how much you'll need to save. Need an accountant? Why wait? Call us today at (406) 585-3393 to schedule a consultation!

A CPA is an accountant who takes care of all the math inside of your business dealing with financial planning, bookkeeping, tax returns, and more. Being a business owner is a lot as it is, especially when you add quarterly taxes and accounts receivable - tasks can start to pile up. No problem is too big, and no detail is too small. We are available to handle it all! Give us a call.

After 35 years of memories and growth in our Idaho Falls office on Woodruff Avenue, it is time to move to a bigger space. Yesterday we broke ground on our new building at Snake River Landing and look forward to moving in before Christmas 2024!

The Earned Income Tax Credit (EITC) is a refundable tax credit that can be beneficial for most low- or moderate-income families. It was created in 2020 as a work bonus plan to supplement certain taxpayers’ income. It reduces the amount of tax owed on a dollar-for-dollar basis and is adjusted for inflation each year. If you have questions about whether you quality, contact us today at (406) 585-3393!

Understanding the Earned Income Tax Credit | www.financialhotspot.com The Earned Income Tax Credit (EITC) is one of the most beneficial tax credits for families with low or moderate combined incomes. It puts an average of $2,043 back in the hands of eligible workers and families. About 31 million people applied for and received the credit in 2022, according to the IRS...

Board games can help kids learn the importance of thriftiness while having fun! Games like Payday and Monopoly can teach your children valuable budgeting, investing, and money management skills. Find the right game for your family and try it out at your family's next board game night! Give us a call at (406) 585-3393.

The purpose of a cash receipt is to serve as a backup document for cash transactions. Where an invoice is not available, a cash receipt is required. A basic cash receipt must include the receipt number, the items purchased, the amount purchased for each item, and the total amount spent. If you have more bookkeeping questions, contact us!

Electric vehicles have many pros and cons, and a number of laws have been passed about them in recent years. For more information on its tax implications and any credits you might be entitled to, give us a call.

Intelligent investments are one of the best ways you can make your money work for you during volatile markets. Patience, research, and tips like these can make a world of difference when learning to develop a healthy investment strategy. Guidance to navigate through life's challenges towards financial success is just a call away! Contact us.

Top 5 Tips for First-Time Investors | www.financialhotspot.com Inflation is marching forward at a dizzying pace. In the last year, it's risen to an alarming 4.5% and higher, so that savings account you rely on for your financial security is constantly being outpaced. One important strategy to outrun inflation is putting your money to work through intelligent in...

From our Rudd Family to yours, have a wonderful Thanksgiving Day!

Depending on your unique tax situation as an expat, you might be required to fill out international tax reporting documents. The Foreign Account Tax Compliance Act (FATCA) or Foreign Bank and Financial Account Reporting (FBAR) are forms related to reporting foreign assets, investments, and income to the United States government. Both forms are important and key in avoiding problems with the IRS. Learning the differences in these forms can help you better prepare your financial documents accurately.

Understanding the Difference Between FBAR and FATCA | www.financialhotspot.com When it comes to international tax reporting, you’ll undoubtedly come across these two acronyms: FATCA and FBAR. While both FATCA (Foreign Account Tax Compliance Act) and FBAR (Foreign Bank and Financial Account Reporting) are forms related to reporting foreign assets, investments, accounts, and i...

Hiring a bookkeeping professional or accountant is important for peace of mind. When software is used, that leaves room for errors and mishaps since an experienced professional is not reviewing the paperwork. Research shows that business owners spend approximately 33 to 100 hours a year trying to keep track of their taxes and bookkeeping. Let us do the heavy lifting for you. Contact us today.

It’s important to keep certain documents handy for business and tax purposes. Make digital copies and keep physical copies of your payroll documents, 1099 forms, tax returns, customer payments, sales receipts, customer invoices, cancelled checks, bank statements, and credit card statements. Searching for a skilled and professional accountant? Look no further! Contact us to schedule your consultation. We look forward to working together!

As children get older, they may want to try their hand at smaller gigs to help build their savings. It's important to encourage them, but make sure they're able to balance work, homework and extracurricular activities. Some part-time job ideas you can suggest are mowing lawns or walking the neighbor’s dog! If you have more questions, contact us.

Millions of homeowners face the tax ramifications of homeownership caused by mortgages, property taxes, capital gains, and more. Navigating this complex process is necessary in order to avoid any penalties from the IRS. Buying a home can impact your tax preparation and filing process, and it is important to know how this purchase can have tax implications on your overall financial status.

How Buying a Home Impacts Tax Preparation | www.financialhotspot.com Owning a home comes with many responsibilities, from regular maintenance to insurance and tax implications. Every year, millions of homeowners face the challenge of properly reporting all their deductions, credits, and taxable income from their properties when filing their returns. From mortgage int...

Even though online tax software and apps are relatively easy to use, hiring a tax professional ensures that you receive all the tax deductions that you're entitled to. Real interactions still matter, call us today!

There are usually two types of accounting methods that small businesses use, and it is important to know which one is right for you. The first one is accrual accounting. This type is used when businesses are dealing with manufacturing and inventory. The second one is cash-basis accounting. With this method, profits are on record when you receive earnings, and costs are recorded after the bill has been paid. Need an accountant? Why wait? Call us today to schedule a consultation!

Do not worry about your personal credit score being affected by a company-issued credit card. Consumer credit bureaus reports only affect individuals who personally guaranteed the debt on the business card. If you have more questions, don't hesitate to contact us.

A budget helps ensure that your expenses meet your income and keep your finances in order. Not only can it help you in an emergency, but it also helps you fix any bad spending habits and take back control of your finances. Because a budget limits your spending, it guarantees that you only spend what you can afford, which reduces your financial stress and improves mental health! If you have questions about how to set up a budget that works for your financial situation, give us a call!

Managing your credit score is a vital aspect of personal finance and can have multiple effects on your ability to borrow money. Unfortunately, some people struggle with maintaining a good credit score due to a variety of reasons such as excess spending habits or a lack of financial education. Following these tips can help boost your credit score and get you one step closer to financial freedom. No problem is too big and no detail is too small. We are available to handle it all! Give us a call.

5 Tips to Increase Your Credit Score | www.financialhotspot.com A good credit score gives you access to financing and positively impacts your ability to borrow money. It is also essential when seeking approval for a mortgage or rental and can affect your job opportunities. Unfortunately, some people struggle with maintaining a good credit score due to poor spend...

Emergency funds can create financial buffers that will help keep you afloat during unforeseen expenses without having to rely on credit cards or high-interest loans. Emergency funds are particularly useful and important if you have debt because it helps you avoid accumulating more. If you have questions about how to set up your emergency fund, give us a call!

Want to take your budgeting to the next level? Try the cash envelope system. It allows you to keep tabs on exactly where each cent is going and how much money you have available for the month to spend. Using credit and debit cards can be tough since there is always the urge to buy more. This method will help you stay on track. Get 8 envelopes and label them: groceries, restaurants, gas, medicine, car maintenance, personal, entertainment, and gifts. Look back at your records and find out how much you spend in each of those categories per month. Then put those amounts in the envelopes. The trick is to not spend more than what you’ve allotted for each category. It might feel weird to use only cash at first, but it will get easier with time. Cheers to self-discipline! Need an accountant? Why wait? Call us today to schedule a consultation!

Mistakes on your business tax return can have serious consequences, so it's important to understand when you should file an amended one. Common situations that require amendment include if the errors change what you owe in taxes or misrepresent details about your company's fiscal standing.

Get real answers from a tax professional! Give us a call.

Do I Need to Amend My Business Tax Return? | www.financialhotspot.com Realizing you’ve made a mistake on your business tax return is a stressful situation. Fortunately, businesses can amend their tax returns within three years of the original filing date. This can help your company get ahead of potential tax problems, resolving issues long before they attract audits...

Getting everything on paper creates more space in your mind and less room for errors. Try making a budget worksheet. List all your income that you make each month. Next, write down all your expenses, then subtract the costs from your income. If you don’t hit zero after the last step, that means you have leftover money which is great! Keep track of all your transactions during the entire month so you can determine if you are overspending. Before the month ends, make a new worksheet for the next month. Keep your small business books in order with our bookkeeping services! Give us a call to get started today.

Back taxes is a term for taxes that were not completely paid when due. Typically, these are taxes that are owed from a previous year. Causes for back taxes include failure to pay taxes by the deadline, failure to correctly report one's income, or neglecting to file a tax return altogether. Stop being your own accountant. Talk to us today about how our comprehensive service can benefit your business!

Guidance to navigate through life's challenges towards financial success is just a call away! Contact us. We can't wait to start working together!

When it comes to foreign bank accounts, consulting with a financial expert is always your best bet. But there are key tax considerations you should be aware of when handling any money-related compliance issues – from assessing credit concerns and understanding taxation requirements to other potential risks.

Get real answers from a tax professional! Give us a call.

Important Tax Considerations if You Have a Foreign Bank Account | www.financialhotspot.com As a U.S. resident, owning a foreign bank account isn't something you should take lightly. The IRS requires you to report your foreign bank account if your account balances exceed certain limits. As with any financial compliance issue, always make sure you consult with a skilled financial advisor or...

Having a personal budget and living within your means can help you achieve financial well-being. Avoid overspending and accumulating unnecessary debt. Stick to your budget and avoid making impulsive purchases. Contact us to schedule a consultation!

Impulse purchases are a very common struggle that people deal with. The average person in the US spends $280 per month on things that they do not need. Most purchases are done online, which creates the temptation to overspend. Try deleting shopping apps on your phone and contemplating if you really need something before you buy. Do you have accounting questions? We have the answers! Talk to us.

Reviewing your finances can ensure that you're on track with your financial goals. Periodically review your budget, investments, and financial goals. Adjust your plans as needed to stay on track. Contact us to schedule a consultation!

Struggling with the expenses of working from home? You may be surprised to find out that tax deductions are available! Millions who work for themselves, own small businesses, and set their own hours could qualify. The IRS outlines certain criteria - if you meet those requirements then you can take advantage of this important financial lifeline in these difficult times.

For all your tax-related questions, contact us. We'd love to help you!

Who Can Claim Work-from-Home Tax Deductions? | www.financialhotspot.com Millions of Americans began working from home in the early months of the pandemic, and for many, remote work has become the new professional norm. If you work from home, you know that working remotely has its perks, like saving money on commuting costs and spending more time with family. On the othe...

Take control of your business by categorizing your costs into direct expenses and indirect expenses. Direct expenses (aka the cost of goods sold) are supplies and anything pertaining to the making of your product or service. Indirect expenses (aka overhead costs) are things used to keep your business running smoothly such as office supplies, marketing, and rent. Keeping these two categories separate will create a streamlined process for your bookkeeping and taxes. Have questions? Contact us. We’d love to help you!

Allocating a monthly amount for your debts can help you resolve outstanding high-interest debts. Prioritize paying off high-interest debts like credit cards. High-interest debt can quickly accumulate and become a financial burden. Contact us to schedule a consultation!

We'll save you hours of confusion and stress - you can count on that! Contact us today for more information about our services.

Are you looking to make 2023 the year of your financial dreams? Then why not start by taking a few simple steps towards reaching your savings goals! It’s easier than it may seem — even tiny changes can add up over time. To get started on this journey, here are some helpful strategies for saving more money in the new year:

For more financial help, contact us today.

Smart Strategies to Save More Money in 2023 | www.financialhotspot.com Saving money is one of the most common New Year’s resolutions, and by making a few changes to your financial routine, you may find it’s easier than you thought to reach your savings goals. Even small changes can add up over time to improve your finances. The following are a few smart strategies ...

We're here to answer any and all questions you have! Stop being your own accountant. Talk to us today at about how our comprehensive service can benefit your business!

There are a lot of nuances to be aware of when deciding to run a business, such as which form of operation to pick. Weigh the pros and cons of each structure before deciding. A sole proprietorship requires the least amount of recordkeeping, but it is not perfect for every business. Another common mistake is whether owners should pay workers as independent contractors rather than employees since payroll can be tedious and expensive. For example, if the IRS finds out that you chose independent contractor as the option when they were more involved like an employee, you could be liable for penalties and back taxes. Choosing the correct type of employment can do a lot for you in the long run. For all your tax-related questions, contact us. We’d love to help you!

Account reconciliation is particularly useful for explaining any differences between two financial records or account balances. Some differences may be acceptable because of the timing of payments and deposits. However, unexplained or mysterious discrepancies may warn of fraud. Businesses and individuals may reconcile their records daily, monthly, quarterly, or annually. Do you have accounting questions? We have the answers! Talk to us.

Don't be taken by surprise at how quickly the daily little expenses can add up! Start tracking your spending today to ensure you break any poor habits before they spiral into unmanageable debt.
Do you have accounting questions? We have the answers! Talk to us.

Helpful Tips for Tracking Expenses | www.financialhotspot.com Many people don't realize how much money they actually spend each month until they begin to document everything. If you've not been tracking your expenses meticulously, you might be surprised at how much the seemingly small purchases can add up. By tracking your expenses, you can easily identify poo...

Bookkeeping is not for the faint of heart. We get that it can be tempting to bury old receipts and records until tax season is here, but don’t make that mistake! Waiting can prevent you from claiming all the correct deductions that you may qualify for. By paying attention to your records throughout the year, it will help you stay prepared and have all your papers ready. Spend more time focusing on your business and let us handle the rest! Call us to speak to one of our finance professionals.